You will need to update to 3.52 M33 then 3.52 M33-4 first then update to 4.01 M33 then 4.01 M33-2 to have the latest CFW by Dark Alex.
All files listed below can be downloaded
HERE.
Installing 3.54 M33/M33-4...
1) Download the M33 3.52 file under custom
firmware. Then extract the M33CREATOR folder (the 1.50 folder is not needed).
2) Now download the Version 1.50 and Version 3.52 files under Official Firmware.
3) Extract the 1.50 version and rename it to 150.PBP then extract the 3.52 version and rename it to 352.PBP after renaming them drag the 2 renamed files to the M33CREATOR folder (you will have EBOOT.PBP/150.PBP/352.PBP in the M33CREATOR folder).
4) Now enable the
USB connection between your
PSP and PC and drag the M33CREATOR folder to the /PSP/GAME150 folder.
5) Go to Games Menu then Memory Stick on your
PSP, and execute "3.52 M33 CREATOR". Once finished, it will go back to the XMB (if you get the game can not be started error then drag the M33CREATOR folder that is in the GAME150 folder to the GAME folder. Then go into recovery mode and set the game folder kernel to 1.50 then try starting the creator again).
6) Go to Game Menu Memory Stick again on your
PSP, and execute "3.52 M33UPDATE". You'll have to press X to agree to the installation (make sure your battery is fully charged or at least I think 85%).
7) When finished, press X to shut down and reboot manually.
Now go to System settings and make sure it has 3.52 M33 as system software. (If it doesn't redo steps above. If it does then continue below to install 3.52 M33-4 update).
8) Download the (v4) file next to M33 3.52 that you previously downloaded.
9) Extract the file and drag the PSP folder that was extracted into the root of the PSP Memory Stick (if it ask to overwrite select yes to all).
10) Go to Game Menu Memory Stick and run the update (if you get the game can not be started error then drag the M33Update4 folder that is in the GAME150 folder to the GAME folder. Then go into recovery mode and set the game folder kernel to 1.50 then try starting the update again).
Once the update has been applied make sure it says 3.52 m33-4 in system settings again (if it doesn't then repeat the above steps if it does then you are ready to upgrade to 4.01 M33-2).
--------------------------------------------------------------------------------
Installing 4.01 M33/M33-2 (I would format the Memory Stick before proceeding so no mistakes are made updating to 4.01 M33)...
1) Download the M33 4.01 file under custom firmware and extract the UPDATE folder (the other folders/files are not needed).
2) Download the Version 4.01 file under official Firmware.
3) Extract the Version 4.01 file and rename it to 401.PBP and drag it to the UPDATE folder. (you should have EBOOT.PBP and 401.PBP in the update folder).
4) Now enable the USB connection between your PSP and PC and drag the UPDATE folder to the /PSP/GAME folder (make sure the PSP game folder is set to 3.52 kernel in recovery).
5) Go to game Menu Memory Stick and run the 4.01 M33 update (The
GUI will look like the normal PSP update installer so do not worry. Just go through the steps of the installer to install the CFW).
After it has finished go to System settings and make sure it says 4.01 M33 under system software (if it doesn't then do the steps above again. If it does then continue with the guide below).
6) Download the (v2) file next to M33 4.01 and extract the UPDATE folder (again the rest of the folders and files are not needed).
7) Go to /PSP/GAME folder on the PSP and delete the previous UPDATE folder and then drag over the newly downloaded UPDATE folder to the /PSP/GAME folder.
8) Go to Game Menu Memory Stick and run the 4.01 M33-2 update.
9) just except the update and it will only take a few seconds to update and then tell you to reboot.
You should now be on 4.01 M33-2 which is Dark Alex latest CFW.